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Door opens to affordable home ownership

From today aspiring homeowners can register their interest in a KiwiBuild home, Housing and Urban Development Minister Phil Twyford announced.

“Today is a milestone in the Government’s ambitious programme to restore affordable homeownership.

“With the first KiwiBuild homes on track to be completed shortly and many more in the pipeline, we are now at a stage where the KiwiBuild Unit can open its doors and invite people in.

“People can check the eligibility criteria and will soon be able to pre-qualify for the first homes currently being constructed and the thousands more that will be built by KiwiBuild in the years ahead,” Phil Twyford said.

“All eligible buyers will have an equal chance to own a KiwiBuild home at cost price through a ballot system.”

The eligibility criteria for KiwiBuild home buyers are:

First-home buyers or ‘second chancers’,

New Zealand citizens, permanent residents or those who ordinarily reside in New Zealand,

Intend to own, and live in it, for at least three years,

Income below $120,000 for sole purchasers and $180,000 for couples.

“We know that New Zealanders at and below these incomes are struggling to buy a home, especially in high demand areas such as Auckland and Queenstown,” Phil Twyford said.

“For instance a couple of teachers may have a combined income of between $150,000 and $170,000. For a nurse and police officer earning upwards of $120,000, and for an engineer living alone, $90,000. A decade ago these families would have been able to afford a home, but they are now locked out of the market.”

Phil Twyford said this week marks the official start of the KiwiBuild programme – where homes built under the programme will count towards the Government’s official target.

“In the first year we will deliver 1000 KiwiBuild homes, with the full ramp up of production reaching 5000 homes by June 2020 and 10,000 homes by June 2021.

“This is the largest state-backed home building programme in generations. I’m proud our Government is helping the next generation of New Zealanders realise the Kiwi dream,” Phil Twyford said.